SOPA approves agreement for $120 million Haverhill project
Published 2:59 pm Thursday, July 13, 2017
New plan, with LCPA, will pave the way for Haverhill development
The board of the Southern Ohio Port Authority approved a cooperative agreement with the Lawrence County Port Authority on Thursday that paves the way for a new $120 million development in Haverhill. The agreement will retain SOPA as the entity issuing the bonds, but the LCPA will be the underlying owner of the property and will execute the lease with the company, PureCycle Technologies.
“We’re just the pass through,” said SOPA executive director Jason Kester.
Kester explained that the company had originally intended to take advantage of new market tax credits available in Scioto County to place part of the facility on that side of the line, and part on the Lawrence County side of the line. The logistics and cost analyses, however, showed that the savings of the tax credits didn’t outweigh the cost savings of locating buildings closer together. SOPA, however, had already started the process of issuing bonds for the project. Because he says the development has the potential to benefit workers in both counties, Kester has been encouraging the board to continue supporting the project.
Email newsletter signup
All board members present voted unanimously to approve the inducement resolution, with Andy Glockner excusing himself from the meeting to avoid a potential conflict of interest.
The agreement now goes to the Lawrence County Port Authority for their approval, which is expected.
PureCycle is planning a ribbon cutting ceremony for the site next Thursday, July 20.
They will create around 60 full-time jobs, with a median wage 12 percent higher than median income for our region, according to a communication from the company.
The facility will recycle industrial polypropylene scraps in a “process exclusively licensed from The Procter & Gamble Company.”
The Lawrence County Port Authority will meet on Tuesday, July 18, and Kester said they are expected to consider the agreement at that time.